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By
Fibre2Fashion
Published
Nov 16, 2022
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Indian textile exports down 41% in Oct 2022 due to global slowdown

By
Fibre2Fashion
Published
Nov 16, 2022

Global economic slowdown has hit Indian textiles and apparel exports, causing its share in total merchandise exports to decline to 7.68% in October 2022 from 9.72% of the corresponding period of last year. Last month, textile exports witnessed a steep fall of 41.53% year-on-year, while apparel exports declined by 21.16%. 



High inflation across the developed world has reduced consumers’ purchasing capacity, which is the main cause of slowdown in textiles and apparel exports. Developing countries including India are facing serious challenges in textiles exports. 

Textile exports dropped to $1,298.34 million in October 2022 compared to $2,220.39 million in October 2021. Exports of cotton yarn, fabrics, made-ups, handloom products etc declined to $719.03 million in October this year from $1,335.97 million in October last year. Shipment of manmade yarn, fabrics, made ups, etc declined from $468.69 million to $350.56 million, and carpet exports decreased to $107.13 million from $173.19 million, India’s ministry of commerce and industry said in a press release. 

As per the latest data, exports of apparel were down 21.16% to $988.72 million in October this year from $1,254.13 million in the same period of last year. Cumulative exports of textiles and apparel during Oct 2022 registered a fall of 34.18% as compared to October 2021. 

During April-October 2022, textile exports registered a YoY decline of 20.78% to $11,348.46 million. However, apparel exports witnessed a growth of 6.67% to reach $9,160.89 million during the same period. Cumulative exports of textiles and apparel during the first seven months of the current fiscal (April- March) were down 10.49% to $20,510 million. Share of textiles and apparel in India’s total merchandise exports declined to 7.68% in October 2022 as compared to 9.72% in October 2021. 

The imports of various raw materials also increased in October. Imports of cotton raw and waste increased by 351.67% to $172.13 million in October this year from $38.11 million in the same period of last year. Inbound shipment of textile yarn, fabric and made-ups grew 4.13% to $207.71 million from $199.48 million in the same period. 

During April-October 2022, imports of cotton raw and waste increased by 273.72% to $1,253.3 million over $335.36 million in the same period of last year. Imports of textile yarn, fabric and made-ups increased from $1,096.57 million to $1,623.42 million during the period under review. 

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